Mark Blackwell, managing director of Xit2 says he is refocusing the company around three core service areas: asset management; valuation management; and conveyancing management.
It says the three services are designed to allow lenders to mitigate risk by creating a panel of service suppliers, be they conveyancing solicitors, surveyors, asset managers or arrears counsellors, and then manage those suppliers online.
xit2 says lenders will be able to track all work undertaken and bring improved third-party oversight to the property processes, as well as provide lenders with better management information without compromising internal controls.
Blackwell, managing director of Xit2, says, “Historically, xit2 has been a wide collection of data exchange products bundled together under one roof. We’re refocusing the company on these three areas in response to client needs. xit2 will demonstrate it has much more to offer to new and existing customers.
“It leverages the breadth of our product range and highlights the depth of our lender proposition. We can still help lenders monitor the distribution, allocation, and management of work to all their suppliers throughout the lifecycle of a property.
“But each of our new online services is organised to do more. We can now use our services to help lenders avoid fraud, create tangible efficiencies, and demonstrate an auditable trail of activity and communication that has TCF and third party oversight at the heart of its design.”
Blackwell says with the time to sell a repossessed property reaching up to 200 days, the communication between lenders and asset managers is only set to increase as asset managers spend longer selling and maintaining repossessed properties.